LNC
Lincoln National Corporation
LNC's fundamentals are strong and it looks cheap: trading at 2.5x earnings, less than half its usual 9.0x. Analysts expect earnings growth.
LNC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
LNC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like LNC.
LNC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 2.5x | $41.80 | — |
| Cheap | 3.8x | $63.26 | +51% |
| Forward | 4.9x | $41.80 | — |
| Fair | 8.9x | $149 | +257% |
| Expensive | 15x | $256 | +512% |
Historical ranges are pointers, not guarantees.
LNC's PE is in its cheap range at 2.5x. On analysts' estimates for next year's earnings, today's price would be 4.9x.
LNC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect LNC's earnings to grow and its profitability to improve, with its revenue holding steady.
LNC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.55 | -49% |
| Q3 2026 | $16.71 | +50% |
| Q2 2026 | $12.06 | +109% |
| Q1 2026 | $9.14 | +29% |
| Q4 2025 | $5.83 | -68% |
| Q3 2025 | $11.17 | +660% |
| Q2 2025 | $5.76 | -40% |
| Q1 2025 | $7.07 | -4.2% |
| Q4 2024 | $18.41 | +$23.33 |
LNC earned $16.71 per share over the past year, up 50% from the year before.
LNC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.5B | +20% |
| Q2 2026 | $4.5B | +12% |
| Q1 2026 | $5.3B | +13% |
| Q4 2025 | $4.9B | -2.8% |
| Q3 2025 | $4.6B | +11% |
| Q2 2025 | $4B | -22% |
| Q1 2025 | $4.7B | +14% |
| Q4 2024 | $5.1B | +624% |
LNC's revenue is growing: $5.5B last quarter, up 20% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | +20 points |
| Q2 2026 | 36% | +15 points |
| Q1 2026 | -4.6% | +16 points |
| Q4 2025 | 19% | -23 points |
| Q3 2025 | 12% | +29 points |
| Q2 2025 | 21% | -0.3 points |
| Q1 2025 | -20% | -57 points |
| Q4 2024 | 41% | +272 points |
LNC's operating margin was 32% last quarter, up 20 points from the same quarter a year ago.
LNC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $875M | +$2B |
| Q2 2026 | -$558M | -155% |
| Q1 2026 | $138M | +$410M |
| Q4 2025 | $233M | +5% |
| Q3 2025 | -$1.1B | -$1.1B |
| Q2 2025 | $1B | +$1.9B |
| Q1 2025 | -$272M | +$1.1B |
| Q4 2024 | $222M | +$2.1B |
LNC's free cash flow was $688M over the past year, against −$178M the year before. Free cash flow isn't a meaningful measure for financial services companies like LNC.
LNC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +235K shares |
| 1 year | +1.2% | +2.3M shares |
| 3 years | +15% | +25.8M shares |
| 5 years | +4% | +7.6M shares |
| Available history | -2.7% | -5.5M shares |
LNC has 197M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q3 2022 | $50M |
| Q2 2022 | $100M |
| Q1 2022 | $400M |
| Q4 2021 | $650M |
| Q3 2021 | $200M |
| Q2 2021 | $150M |
| Q1 2021 | $105M |
LNC Net Leverage
LNC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.7 | Neutral |
| Stochastic | 27.7 | Neutral |
LNC's weekly RSI is 54 (neutral) and its Stochastic is 28 (neutral).
LNC PE vs Financial Services Sector
| Metric | LNC | Sector median | Relative |
|---|---|---|---|
| PE | 2.5x | 13x | 81% below |
| PE % | 5 | 63 | 58 pts below |
LNC is trading at 2.5x earnings, a 81% discount to the Financial Services sector's median of 13x.
LNC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $40.6 | 3% above |
| 20 week MA | $42.0 | 0.4% below |
| 50 week MA | $39.8 | 5.1% above |
| 100 week MA | $38.0 | 10% above |
| 200 week MA | $33.0 | 27% above |
LNC's trend is mixed: it's above four of its five weekly moving averages, and 27% above its 200-week average.
LNC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $58.7 | $49.7 | -15% |
| 2021 | $49.7 | $67.9 | +36% |
| 2022 | $67.9 | $30.1 | -56% |
| 2023 | $30.1 | $27.0 | -10% |
| 2024 | $27.0 | $31.8 | +18% |
| 2025 | $31.8 | $45.7 | +44% |
| 2026 YTD | $45.7 | $41.8 | -8.6% |
LNC has finished lower in three of the last six years. It's down 8.6% so far in 2026.